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Mitsubishi ready to participate in Iran’s petrochemical projects

Business Materials 12 October 2015 14:46 (UTC +04:00)

Baku, Azerbaijan, Oct. 12

By Fatih Karimov - Trend: Japan's Mitsubishi is prepared to participate in Iran's petrochemical projects.

Takahisa Miyauchi, member of the board and senior executive vice president of Mitsubishi's chemicals group, said the Japanese company has purchased millions of dollars worth of Iranian petrochemicals over the past five years, adding that his company is ready to invest in Iran 's petrochemical projects, Shana news agency reported Oct. 11.

He made the remarks in a meeting in Tehran with CEO of the National Iranian Petrochemical Company Abbas Sheri Moqaddam.

The Iranian government should set a fixed price for petrochemical feedstock for 10-15 years and sell end products to Japanese investors, Miyauchi said.

Sheri Moqaddam, for his part, said that Japanese companies could invest in 24 petrochemical projects in the second phase of the development of Assalouyeh, mainly urea, ammonium, methanol, and olefin production units.

He said Iran is willing to attract foreign investment for its downstream petrochemical sector. Iran's rich oil and gas reserves and Japan's advanced technology can pave the way for bilateral cooperation, he added.

Sheri Moqaddam said in April that some $30 billion of investment opportunities have been identified in Iran's petrochemical sector, which will be certainly welcomed by European and Asian investors after the sanctions against the country are lifted.

In June 2014, Sheri Moqaddam said Iran plans to boost annual petrochemical production capacity to 180 million tons from around 60 million tons currently.

Edited by CN

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